Bill > A5378

This bill modifies the Cultural Arts Incentives Program, which provides tax credits to cultural arts institutions for developing or improving facilities in New Jersey. Key provisions include: expanding the definition of a "cultural arts institution" to include the National Park Service and developers with partnership agreements; changing the application process from a competitive annual round to a rolling review with potential competitive periods if demand is high; removing the requirement for an operating reserve; and eliminating the separate Community-Anchored Development Program entirely. The bill allows tax credits up to 100% of eligible project costs, with a maximum of $75 million per project, and requires cultural arts institutions to demonstrate project feasibility, community benefits, and financial need. Cultural arts projects must meet prevailing wage requirements, partner with local community organizations, and contribute at least 20% equity (or 10% in government-restricted municipalities). The tax credits can be sold or transferred, with the state potentially purchasing unused credits at 85% of their value. Overall, the bill aims to provide more flexible support for cultural arts facilities that can serve as economic development catalysts in their communities.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A5378